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Deals & Dealmakers

Three new leases at Newmark’s 318 West 39th Street total 67,500 s/f

Newmark Holdings, a vertically integrated owner, operator, property manager and developer of commercial real estate, is announcing three new leases totaling 67,500 square feet at 318 West 39th Street, a 12 floor, 150,000 square-foot-office-building in the Garment District of Midtown Manhattan.

The team for Newmark Holdings representing the building in each deal is comprised of co-CEO Eric Gural and Senior Manager Matthew Mandell and include the following:

Ten-year,13,500 square-foot lease for HVAC company Kaback Enterprises, occupying the entire second floor.

Douglas Dolgoff and Brett Longo of Cushman & Wakefield represented the tenant.

Seven-year, 27,000 square-foot lease for mobile marketing vendor Appboy, occupying the fifth and sixth floors. Daniel Lolai of LSL Advisors represented the tenant.

Ten-year, 27,000 square-foot lease for First Quality Maintenance, a commercial cleaning and maintenance provider, occupying the seventh and eighth floors.

Gary Rosen and Howard Tenenbaum of SL Green represented the tenant in the transaction.

“It’s not surprising to see this kind of leasing momentum at 318 West 39th Street,” notes Mr. Mandell. “It’s a great building with a renovated lobby and the surrounding area has undergone a complete revitalization.

The West 39th street block used to be lined mainly with garages and parking lots, but a number of new developments have recently emerged, including several hotels and a luxury residential building.

This growth is fueling interest in the area and 318 West 39th Street offers everything office tenants are looking for.”

The 318 West 39th Street property, which was originally built in 1915 as a printing building, is located on 39th street between 8th and 9th Avenues within walking distance of two of the city’s main transportation hubs, Port Authority and Penn Station. The property has been owned by Newmark Holdings since the early 1980s.

Newmark Holdings, led by Jeffrey Gural, Eric Gural and Brian Steinwurtzel, is a vertically integrated owner, operator, property manager and developer of commercial real estate with its 63-year- history of hands-on asset management and portfolio of more than 10 million square feet of commercial properties throughout New York City.

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